Best way to calculate probability in this case is by area. Let L be the length of one side of each square. We see that with a L/2 diameter coin, there is a square of side length L/2 centered in each square that the center of the coin would have to fall within in order to not touch the sides of the checkers square. The area of the whole square is L2 and the area of the smaller square is (L/2)2 = L2/4. Therefore, the probability of not touching an edge is 1/4, while the probability of touching an edge is 3/4.
The expected outcome can be calculated by multiplying each probability by the amount you gain with that outcome, so:
1/4*3 + 3/4*(-1) = 3/4 - 3/4 = 0
Therefore, the game is fair.